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S.B. 502
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Martin O'Malley, Governor
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(1) A COPY OF EACH VEHICLE PROTECTION PRODUCT WARRANTY
SOLD OR ISSUED IN THE STATE;
(2) THE NAME AND ADDRESS OF EACH WARRANTY HOLDER; AND
(3) THE DATE, AMOUNT, AND DESCRIPTION OF EACH RECEIPT,
CLAIM, AND EXPENDITURE.
(C) A WARRANTOR SHALL KEEP ACCOUNTS, BOOKS, AND RECORDS
RELATING TO A VEHICLE PROTECTION PRODUCT WARRANTY AND A WARRANTY
HOLDER FOR AT LEAST 2 YEARS FOLLOWING THE EXPIRATION OF THE VEHICLE
PROTECTION PRODUCT WARRANTY.
(D) A WARRANTOR THAT DISCONTINUES BUSINESS IN THE STATE
SHALL MAINTAIN ITS ACCOUNTS, BOOKS, AND RECORDS UNTIL IT CAN PROVE TO
THE DIVISION THAT IT HAS DISCHARGED ALL OF ITS OBLIGATIONS TO ANY
WARRANTY HOLDER IN THE STATE.
(E) ON REQUEST, A WARRANTOR SHALL MAKE ALL OF ITS ACCOUNTS,
BOOKS, AND RECORDS AVAILABLE FOR INSPECTION BY THE DIVISION.
14-4A-07.
(A) A WARRANTOR OF A VEHICLE PROTECTION PRODUCT SOLD OR
OFFERED FOR SALE IN THE STATE SHALL:
(1) BE INSURED UNDER A WARRANTY REIMBURSEMENT
INSURANCE POLICY; OR
(2) MAINTAIN A NET WORTH OR STOCKHOLDERS' EQUITY OF NOT
LESS THAN $50,000,000.
(B) A WARRANTOR THAT MEETS ITS FINANCIAL OBLIGATION IN ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION IS NOT REQUIRED TO
MEET ANY OTHER FINANCIAL REQUIREMENT OR FINANCIAL STANDARD.
(C) IF A WARRANTOR ELECTS TO CARRY WARRANTY REIMBURSEMENT
INSURANCE UNDER SUBSECTION (A)(1) OF THIS SECTION, THE WARRANTY
REIMBURSEMENT INSURANCE POLICY PURCHASED BY THE WARRANTOR SHALL
PROVIDE:
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- 4285 -
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